SINGAPORE (July 22): Bitcoin slumped more than 10% last weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin.

Bitcoin fell 11.1% from July 12 to US$9,855 ($13,401) early on July 15, its lowest since July 2. The original cryptocurrency slumped 10.4% on July 14 alone, its second-biggest daily drop this year. It was last up 1.3% at US$10,319.

Politicians and financial regulators across the world have called for close scrutiny of Facebook’s Libra coin, with concerns ranging from consumer protection and privacy to its potential systemic risks, given the social media giant’s global reach.

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